Caseware UK (AP4) 2023.0.135 2023.0.135 2023-03-312023-03-31truefalse2true2022-04-01falseNo description of principal activity2trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00878075 2022-04-01 2023-03-31 00878075 2021-04-01 2022-03-31 00878075 2023-03-31 00878075 2022-03-31 00878075 c:CompanySecretary1 2022-04-01 2023-03-31 00878075 c:Director2 2022-04-01 2023-03-31 00878075 c:Director3 2022-04-01 2023-03-31 00878075 c:RegisteredOffice 2022-04-01 2023-03-31 00878075 d:Buildings 2023-03-31 00878075 d:Buildings 2022-03-31 00878075 d:Buildings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00878075 d:FurnitureFittings 2022-04-01 2023-03-31 00878075 d:FurnitureFittings 2023-03-31 00878075 d:FurnitureFittings 2022-03-31 00878075 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00878075 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00878075 d:CurrentFinancialInstruments 2023-03-31 00878075 d:CurrentFinancialInstruments 2022-03-31 00878075 d:Non-currentFinancialInstruments 2023-03-31 00878075 d:Non-currentFinancialInstruments 2022-03-31 00878075 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 00878075 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 00878075 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 00878075 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 00878075 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 00878075 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 00878075 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 00878075 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 00878075 d:ShareCapital 2023-03-31 00878075 d:ShareCapital 2022-03-31 00878075 d:CapitalRedemptionReserve 2023-03-31 00878075 d:CapitalRedemptionReserve 2022-03-31 00878075 d:RevaluationReserve 2023-03-31 00878075 d:RevaluationReserve 2022-03-31 00878075 d:RetainedEarningsAccumulatedLosses 2023-03-31 00878075 d:RetainedEarningsAccumulatedLosses 2022-03-31 00878075 d:OtherDeferredTax 2023-03-31 00878075 d:OtherDeferredTax 2022-03-31 00878075 c:OrdinaryShareClass1 2022-04-01 2023-03-31 00878075 c:OrdinaryShareClass1 2023-03-31 00878075 c:OrdinaryShareClass1 2022-03-31 00878075 c:OrdinaryShareClass2 2022-04-01 2023-03-31 00878075 c:OrdinaryShareClass2 2023-03-31 00878075 c:OrdinaryShareClass2 2022-03-31 00878075 c:OrdinaryShareClass3 2022-04-01 2023-03-31 00878075 c:OrdinaryShareClass3 2023-03-31 00878075 c:OrdinaryShareClass3 2022-03-31 00878075 c:OrdinaryShareClass4 2022-04-01 2023-03-31 00878075 c:OrdinaryShareClass4 2023-03-31 00878075 c:OrdinaryShareClass4 2022-03-31 00878075 c:FRS102 2022-04-01 2023-03-31 00878075 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 00878075 c:FullAccounts 2022-04-01 2023-03-31 00878075 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 00878075 d:Subsidiary1 2022-04-01 2023-03-31 00878075 d:Subsidiary1 1 2022-04-01 2023-03-31 00878075 2 2022-04-01 2023-03-31 00878075 6 2022-04-01 2023-03-31 00878075 e:PoundSterling 2022-04-01 2023-03-31 iso4217:GBP xbrli:shares xbrli:pure


Registered number: 00878075












CROWVALE SECURITIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

 

CROWVALE SECURITIES LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 12


 

CROWVALE SECURITIES LIMITED
 
COMPANY INFORMATION


Directors
P E Goldstein 
R D Goldstein 




Company secretary
R D Goldstein



Registered number
00878075



Registered office
16 Great Queen Street
Covent Garden

London

WC2B 5AH




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:00878075
CROWVALE SECURITIES LIMITED

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
2,550,822
2,550,913

Investments
 6 
100
100

  
2,550,922
2,551,013

Current assets
  

Stocks
 7 
748,848
748,848

Debtors: amounts falling due within one year
 8 
1,051,200
366,399

Cash at bank and in hand
  
8,246
758,883

  
1,808,294
1,874,130

Creditors: amounts falling due within one year
 9 
(119,131)
(206,362)

Net current assets
  
 
 
1,689,163
 
 
1,667,768

Total assets less current liabilities
  
4,240,085
4,218,781

Creditors: amounts falling due after more than one year
 10 
(26,986)
(36,877)

Provisions for liabilities
  

Deferred tax
 12 
(342,987)
(342,987)

  
 
 
(342,987)
 
 
(342,987)

Net assets
  
3,870,112
3,838,917


Capital and reserves
  

Called up share capital 
 13 
154,434
154,434

Revaluation reserve
  
936,393
936,393

Capital redemption reserve
  
1,000
1,000

Profit and loss account
  
2,778,285
2,747,090

Total equity
  
3,870,112
3,838,917


Page 2


 
REGISTERED NUMBER:00878075
CROWVALE SECURITIES LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R D Goldstein
Director

Date: 19 March 2024

The notes on pages 4 to 12 form part of these financial statements.

Page 3

 

CROWVALE SECURITIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Crowvale Securities Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.

The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. 

  
2.4

Turnover

Turnover represents property sales.
Turnover is recognised when all of the following conditions are satisfied:

the company has transferred the significant risks and rewards of ownership to the buyer;
 
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
 
the amount of revenue can be measured reliably;
 
it is probable that the company will receive the consideration due under the transaction; and 
 
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 4

 

CROWVALE SECURITIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

  
2.5

Other operating income

Other operating income includes rent receivable and related income.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
10%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.


2.7

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Page 5

 

CROWVALE SECURITIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


 (continued)



 (continued)

Financial liabilities

Basic financial liabilities, including trade and other creditors and bank loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 6

 

CROWVALE SECURITIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.12

Investment properties

Investment properties are carried at fair value determined annually by the directors, or where available by external valuers. Valuations are derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the profit or loss account.
The directors have elected to maintain an investment property reserve. At the end of each financial period the net amount of the investment property fair value adjustments and the related deferred tax liability are transferred to the reserve.

  
2.13

Stock

Trading properties are valued at the lower of cost and net realisable value.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 7

 

CROWVALE SECURITIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.16

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.17

Pensions

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to profit and loss account.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Valuation of investment property is a central component of the business. There is an inevitable degree of judgement involved in that each property is unique and value can only ultimately be reliably tested in the market itself.

Page 8

 

CROWVALE SECURITIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Employees

2023
2022
£
£

Social security costs
58
-

58
-


The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


5.


Tangible fixed assets





Freehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 April 2022
2,550,000
5,057
2,555,057



At 31 March 2023

2,550,000
5,057
2,555,057



Depreciation


At 1 April 2022
-
4,144
4,144


Charge for the year on owned assets
-
91
91



At 31 March 2023

-
4,235
4,235



Net book value



At 31 March 2023
2,550,000
822
2,550,822



At 31 March 2022
2,550,000
913
2,550,913

Investment properties consist of freehold land and buildings which were revalued at 31 March 2023 on the basis of an open market value for existing use by the directors, based on a report by an external professional valuer performed in September 2021.
The historical cost of the properties is £1,270,620 (2022: £1,270,620).

Page 9

 

CROWVALE SECURITIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2022
100



At 31 March 2023
100





Subsidiary undertaking


The following was a subsidiary undertaking of the company:

Name

Principal activity

Class of shares

Holding

Crowvale Securities (Romsey Road) Ltd
Property investment
Ordinary
100%


7.


Stocks

2023
2022
£
£

Trading property stock
748,848
748,848



8.


Debtors

2023
2022
£
£


Trade debtors
6,500
6,500

Amounts owed by group undertakings
420,760
339,356

Other debtors
611,074
4,612

Prepayments and accrued income
12,866
15,931

1,051,200
366,399


Page 10

 

CROWVALE SECURITIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
37,487
49,174

Other taxation and social security
1,683
-

Other creditors
10,941
112,084

Accruals and deferred income
69,020
45,104

119,131
206,362



10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
25,833
35,724

Other creditors
1,153
1,153

26,986
36,877



11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£


Amounts falling due 1-2 years

Bank loans
10,140
9,890

Amounts falling due 2-5 years

Bank loans
15,693
25,834


25,833
35,724


Page 11

 

CROWVALE SECURITIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Deferred taxation




2023


£






At beginning of year
(342,987)



At end of year
(342,987)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Deferred taxation
(342,987)
(342,987)

(342,987)
(342,987)


13.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



52 (2022 - 52) 'A' Ordinary shares of £1 each
52
52
154,234 (2022 - 154,234) 'B' Ordinary - non voting shares of £1 each
154,234
154,234
100 (2022 - 100) 'C' Ordinary shares of £1 each
100
100
48 (2022 - 48) 'D' Ordinary shares of £1 each
48
48

154,434

154,434

''A' Ordinary shares have full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.
''B' Ordinary shares have full dividend and capital distribution (including on winding up) rights; they do not confer any voting rights nor rights of redemption.
''C' Ordinary shares have full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.
''D' Ordinary shares have full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.


 
Page 12